True Leaf Medicine International Ltd. has exercised its option to purchase 40 acres of land that encompasses its facility in Lumby, B.C. through its wholly owned subsidiary True Leaf Medicine Inc. The option was exercised on December 22, 2017 at a total cost of CAD 3.3 million. An up-front fee of CAD 100,000 was paid to the vendor for the purpose of securing the option. True Leaf now has 30 days from that date to complete the purchase. On November 30, 2017, True Leaf launched its Regulation A+ offering to raise CAD 10 million that was qualified by the Securities Exchange Commission (SEC). This offering enables underwriters to solicit orders from the general public in addition to traditional accredited investors and institutional investors. The company will use a portion of the funds raised from the offering to build phase one of the True Leaf facility. True Leaf's application to produce and distribute cannabis under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) has completed the security clearance stage, and the company has permission to build a production facility. True Leaf anticipates that the first phase of the build will include annual production of 2,500 kilograms of dried cannabis once the facility passes Health Canada's inspection and the company becomes a licensed producer. Now that the option has been exercised, True Leaf's ownership of the land will allow it to go ahead with plans to demolish an existing building to make way for phase one: the construction of a 16,000-square foot hydroponic grow building and a 9,000-sq. ft. building housing offices, extraction facility, laboratory and packaging areas. The company expects site and foundation work to begin in the coming weeks to be completed by summer 2018. The Government of Canada is committed to legalizing marijuana for recreational purposes by July 2018.